ALGIERS – Wednesday, 22 November 2023 (APS) – Prime Minister Nadir Larbaoui stressed the deep economic reforms initiated by the President of the Republic Abdelmadjid Tebboune, at the opening of the works of the Algerian-Turkish Economic Forum in the presence of the Turkish President Recep Tayyip Erdogan.

In this regard, Larbaoui discussed the broad economic reforms launched by Algeria, as part of the implementation of the program of the President of the Republic aimed to establish an open and diversified economic model, protected by a legislative and legal framework, stimulating investment.

This framework offers to all the economic players the possibility of working in equitable conditions, in addition to benefitting from the same rights and opportunities, conditions enshrined by the law on the investment, promulgated in July 2022, with its implementing texts, stressed Larbaoui.

This law, added the Prime minister, “constitutes an integrated legal system that enshrines the freedom of investment and the equality between the investors, without any distinction between the local and foreign investors, protects their investments and ensures their right to transfer the invested capital and its revenues.”

The new law on the investment enshrines the principle of the legal stability, especially as it can’t be affected by any change for a minimum of 10 years, and strengthens also the standards of transparency and digitization of procedures related to the investment activities, notably with the creation of a single window with national jurisdiction for major projects and foreign investments, he said, pointing out the incentives provided for the granting of real estate destined to the execution of investment projects in various fields.

The Prime minister also tackled the fundamental decision taken by the President of the Republic on the abolition of the rule 51/49, except for some strategic sectors, in order to provide foreign investors with more open and attractive environment.

In this regard, he reviewed the deep reform of the monetary and banking law aimed at accompanying the economic changes, and which enabled extending the prerogatives of the Money and Credit Council (CMC) in terms of the approval of commercial banks and digital banks, developing the means of written payments and to follow their implementation, in addition of diversifying the financing sources, notably the Islamic financing.